Profit and Loss- Important Formulae, Tricks and Shortcuts [Quantitative Aptitude]

Here are important formulas and
shortcuts to solve problems related to time and work. Basic knowledge
regarding work done by given persons in specific time and related
problems is important for various competitive exams like IBPS,
SBI Bank PO, assistant, SSC exams, Railway exam, UPSC exams.

Important Fact:

If we buy a book for Rs. 100. It is called cost price (CP).

If we sell it for Rs. 120. It is called selling price (SP) with profit of Rs. 20.

If we sell it for Rs. 90, we will incur loss of Rs. 10.

If we mark selling price as Rs. 120 but sell it for Rs.110 than Rs. 10 is called discount.

Important Formulae:

Profit / Gain = SP - CP

Loss = CP - SP

Gain % = (Gain x 100) / CP

Loss % = (Loss x 100) / CP

SP = {(100 + Gain%)/100} x CP

CP = {100 / (100 + Gain%)} x SP

SP = {(100 - Loss%)/100} x CP

CP = {100 / (100 - Loss%)} x SP

Eg 1: Mohan purchased an article for Rs. 520 and sold it for 650. Find the profit and percent of profit earned by Mohan?

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